(HOUSTON) - James Gordon Rogers, 49, of Houston, has been indicted for allegedly passing fictitious securities, in violation of Title 18, United States Code, Section 514, acting United States Attorney Tim Johnson announced today.

Rogers was initially reported missing and subsequently arrested on Dec. 15, 2008. He appeared in federal court on Dec. 16, 2008, before Judge Mary Milloy on a criminal complaint and was released on $75,000 bond.

Counts 1 through 14 charge Rogers with selling fake securities to investors of OSA Financial Services, a purported tax and business planning service, located in Houston. According to the Indictment, beginning in 2002, Rogers approached various individuals about investing in OSA Financial Services and promised the investors ownership in the business. These investors purchased interests in OSA Financial Services and subsequently received some small dividend payments.

In 2005, Rogers allegedly approached the same investors and other individuals about another investment opportunity. According to the indictment, Rogers represented to the investors that he had a source at a bank who could obtain certificates of deposit (CD) with high return rates and also made various other misrepresentations and misstatements to investors associated with these purported CDs. The Indictment charges Rogers with more than $500,000 in fake CD sales. Rogers used the proceeds from the sale of these fake CDs for his personal use.

The passing of fictitious securities counts carry a statutory punishment range of up to 25 years imprisonment, without parole, and a fine of up to $250,000, upon conviction.

The investigation leading to the charges was conducted by the United States Postal Inspection Service. Assistant United States Attorney Ryan D. McConnell will prosecute the case.

An indictment is a formal accusation of criminal conduct, not evidence. A defendant is presumed innocent unless and until convicted through due process of law.